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[005930.KS] Samsung Electronics

Symbol: 005930.KS 005930.KS chart

7/24/2008 08:45pm
Samsung Electronics Reports Q2 net profit KRW2.1T v KRW2.3Te; Rev KRW18.1T v KRW18.6Te

- Operating profit KRW1.89T v KRW2.08Te
- LCD division margin 21% in Q2 v 23% in Q1
- Telecom division margin 13% in Q2 v 15% in Q1
- Chip division margin 6% in Q2 v 4% in Q1
- Handset average selling price at $143 in Q1 v $141 in Q1
- Raises 2008 capex target to KRW12.5T v prior estimate of KRW11.0T
- Not sure if company will repurchase stock this yr.
- Sees chip demand weakening in Q3 due to economic slowdown
- Expects 2008 global PC shipments to grow 14% v prior forecast of 10%
- Expects stronger seasonal demand for DRAM in Q3
- Sees a 1-2% market share gain a yr in DRAM market vs mid-30% currently.
- Expects higher Q3 mobile phone sales due to sales network expansion, more models
- Expects the H2 global handset market to grow more than 10% vs. H1.
- Expects 2008 handset shipments to total more than 200M units (reaffirms)
- Expects LCD business to see falling demand due to global recession, growing capacity
- Expects Q3 LCD shipment growth at mid-teen percent level vs Q2.
- Not planning to lower its LCD utilization ratio.
- Expects 2008 flat panel TV sales of 21M units (reaffirms)
- Expects a rapid earnings recovery to be difficult in H2.


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